Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Reaches New 52-Week Low – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $69.69 and last traded at $74.81, with a volume of 1367852 shares changing hands. The stock had previously closed at $73.73.

Direxion Daily S&P Biotech Bull 3x Shares Stock Up 1.5 %

The company has a 50 day simple moving average of $90.30 and a 200-day simple moving average of $112.46.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LABU. Bank of America Corp DE boosted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 2,334.1% in the 4th quarter. Bank of America Corp DE now owns 14,702 shares of the company’s stock worth $1,323,000 after purchasing an additional 14,098 shares during the period. Two Sigma Securities LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter worth about $323,000. Tower Research Capital LLC TRC boosted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 177.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 27,048 shares of the company’s stock worth $2,434,000 after purchasing an additional 17,315 shares during the period. Virtu Financial LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter worth about $3,043,000. Finally, SBI Securities Co. Ltd. bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter worth about $244,000.

About Direxion Daily S&P Biotech Bull 3x Shares

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.